Canberra property developer the Bulum Group has bought the Colonial Mutual Building in City West for $10 million.
The 1968 building with its distinctive architectural feature windows on the 859 square metre block at 17-21 University Avenue is tenanted, including the Fair Work Commission and Aboriginal Legal Service.
The prime site, listed as commercial land, is near the Law Courts, Australian National University, CBD retail facilities and the Parliamentary Triangle.
LJ Hooker Commercial Canberra’s Mark Thompson has said the site would ultimately be redeveloped but existing tenants would remain and vacant space advertised to attract new occupants.
Developer Nik Bulum said there were no plans or concepts yet for the site and the company was at least five months away from moving forward with any designs or proposals.